Morgan Stanley Sells Entire NY Times Stake

Bloomberg :

Morgan Stanley, the second-biggest shareholder in New York Times Co., sold its entire 7.3 percent stake today, according to a person briefed on the transaction, sending the stock to its lowest in more than 10 years.

The person declined to be identified because Morgan Stanley hasn't made the sale public yet. Traders with knowledge of the transaction said Merrill Lynch & Co. brokered a $183 million block trade of 10 million New York Times shares this morning.

Read the whole story: Bloomberg

Comments

[mrcontinental]

The crash is coming folks. People are cutting their losses and selling and dumping the dollar.

[average joe]

All news papers are about dead a thing of the past.

[strifeknot]

What is it with all these conservative imbeciles who think the NY Times is liberal? They must be the same feebs who think the Clintons are crazed socialists.

[larry278]

Is this a case of rats jumping off the sinking NYT ship or a troubled broker making changes in its invetments to use the cash to become a leaner fighter?

[LibsRHilarious]

Accounting error!?!

BWAHAHAHAHAHA!

That's as funny as Rhandi Rhodes picking a fight with the cement and a bottle of cheap vodka.

[LibsRHilarious]

Maybe MoveOn can bail them out. Couldn't have happened to a nastier, lying rag of a newspaper.

[LittleGreenGreaseBalls]

Has anyone suggested that perhaps Morgan needed the money to cushion the lost value of a few derivatives or other investments? Anything is possible.

[ornery]

NYT has lost credibility, true. Judith Miller fiasco. Jayson Blair debacle.

But the good folks as Morgan Stanley probably sold because they figured out that NYT, unlike WSJ, is NFS.

[EinChicago]

I doubt there was anything so calculated; more likely Moragan Stanly are liquidating any assets not performing to a set level to try and compensate for the bath they took in the mortgage meltdown.

[Podewumun]

I wish the family would take The Grey Lady private. Without having to kiss the ass of agenda-driven corporate investors (aka stockholders), maybe she could regain her standing again.
A great many "news" publications in this country need to do the same.

[talkingdog]

You're so right to say they should take it private......it's just so expensive to finance a newspaper operation anyway, muchless in the era of declining readership and diversification of media.

Morgan Stanley is under pressure I'd bet from the Wall Street Journal now owned by Rupert Murdock who has vowed to take down the NYT.

It will be a sad day for freedom of speech in this country when all the great old family owned newspapers are gone and replaced by corporate papers.

I'm going to subscribe to the NYT just out of protest to this news here.

[whomung]

Good idea....

If we want something to survive in America, we need to vote with our dollars

And I hope the Wall St Journal gets buried. He just turned a respected institution into a NeoCon Propaganda machine

[thacher]

Yeah, I would sell my stake in that left wing rag too. It has lost all credibility. Any more discounts for Move On?

[LittleGreenGreaseBalls]

Move On didn't get a discount. You just keep shaking that old rag, thatch. Why is it that trolls just keep on dishing the shit even when it's way past time to flush.

[maxfusion]

Because he's correct, and now that communist rag will die the death it so richly deserves. A front rag for left wing lunatics. Bye, Bye Old York Times. You're finished. Whhahhahahhaaaaahah

[maxfusion]

Little green balls is a lying. Are you saying it's an accounting error?